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FOX News
Dec 11, 2012 4:00pm PST
. thanks. a stunning admission from one of the biggest banks in the world. the bigs at hsbc admit that they laundered money for drug cartels. they allowed forbidden transactions with countries including libya and iran. but nobody is going to prison. instead the bank executives are just saying we are sorry and paying a fine. the justice department announced agreement with hsbc the biggest bank in all of europe. as part of of the deal hsbc agrees to pay $1.9 billion in fines. a lot of money certainly. but for this bank it's the equivalent of roughly seven weeks of profits. in exchange, these are among the charges that will now disappear. laundering more than $880 million in drug money. and allowing $660 million in prohibited transactions from countries including libya, cuba, burma, sudan and iran. federal prosecutors say the bankers didn't just look the other way, they actually went a step further. one occasion hsbc instructed a bank in iran on how to format payment messages so that the transactions would not be blocked or rejected by the united states. >> shepard: in other words, t
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